Seller Financing Apartment Complex

[Mike L.]

Hi BP,

I’ve formed a relationship with an apartment complex owner over the last year or so. Long story short, he is being very kind to me in that he is going to seller finance the property. This is a 26 unit apartment complex in an up and coming area in Dallas. He’s going to carry the note and I don’t have to put anything down. Yes, he is financing 100% of the purchase. Amazing gesture by him, I know.

Due diligence aside, do you have any tips for me in regards to closing?

Do I need to get a traditional title policy from a title company? They want $10k for the title policy. Is there a way to get the policy without cutting corners?

Will this show up on my credit as a debt that I have? Any way around this?

Any and all thoughts are welcome,

Mike